This Week's Dallas-Fort Worth Deal Sheet
Kaizen Development Partners broke ground on a 200K SF eight-story office property in Allen, Texas, known as One Bethany West.
The property, located at Bethany West at Watters Creek in Allen, is designed by architectural firm BOKA Powell and is being built by general contractor Balfour Beatty.
JLL’s Blake Shipley and Chris Doggett will lead marketing and leasing efforts for the property.
“One Bethany West provides access to both a highly educated workforce and one of the most competitive, pro-business environments in North Texas,” Kaizen CEO Derrick Evers said. “Its location and accessibility within this thriving community, paired with its unique blend of on-site and nearby amenities, will establish One Bethany West as one of the premier business destinations in our region for [prospective] tenants.”
Office tenants will eventually enjoy a tenant lounge, a conference center, a fitness center, locker rooms, on-site showers and a golf simulator.
The Allen Economic Development Corp. came out in support of the office product.
“Allen has a reputation for partnering with tenants on relocations to buildings like One Bethany West,” AEDC CEO Daniel Bowman said. “We expect corporations will recognize the incredible amenities and walkability this project offers.”
The building is slated for completion in 2020.
JLL announced the availability of two other development sites at One Bethany at Watters Creek.
Crews broke ground on another large-scale mixed-use development in Mid-Dallas this past week. Seritage Growth Properties, KDC and Toll Brothers Apartment Living commenced construction on what will eventually become 2M SF of office, residential and retail development inside the LBJ Corridor.
The 21-acre development, Park Heritage, is the brainchild of master planner and developer Seritage. Meanwhile, KDC is building up to 1.8M SF of office space inside two office towers in partnership with Seritage. Toll Brothers Apartment Living will construct the first phase of apartments, which will eventually total 300 luxury units.
The mixed-use development is expected to include accessible retail, entertainment and dining as well as 3 acres of open space.
The community will be located at the intersection of Preston Road and the LBJ Freeway.
City leaders along with executives with KDC and Seritage Growth Properties launched the demolition phase this past week.
EXECS
Cushman & Wakefield named Ching-Ting Wang research director at its Dallas office. Wang most recently served CoStar Group in Richmond, Virginia, as senior research manager.
Wang will oversee all of the commercial real estate firm’s research activities in Dallas, leading a team that will monitor and analyze local activities and trends.
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The Karahan Cos. President and CEO Fehmi Karahan and Holt Lunsford Commercial CEO and founder Holt Lunsford were inducted into the 2019 NTCAR Commercial Real Estate Hall of Fame.
NCTAR also presented the Michael F. McAuley Lifetime Achievement Award to National Valuation Consultant Inc.’s Charles Dannis.
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HilltopSecurities Inc. hired municipal bond strategist Tom Kozlik to serve as director, head of municipal strategy and credit.
SALES
Venture Commercial’s investment sales team finalized two sales of shopping centers in key suburban North Texas markets.
The company announced the sale of McAlister Square in Burleson, Texas, a 169K SF shopping center anchored by Academy Sports & Outdoors. The center is located at 12700 South Freeway. Venture’s Jonathan Cooper, John Zikos and Don Miller represented the seller, while the buyer was represented by KMAC Group’s Kevin McIntosh.
Venture also announced the sale of the 22K SF Woodbridge Centre in Wylie, Texas. Anchored by a Kroger grocery store, the shopping center was purchased by Asset Preservation Inc., for Genecov Investments Ltd. The purchaser was represented by Venture’s John Zikos, while the seller was represented by Jason Vitorino at STRIVE.
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A 15K SF medical building at 3024 Highway 121 in Bedford recently sold, with Henry S. Miller’s Darrell Hurmis and Lily Chang representing the seller and buyer, respectively.
The search for a buyer began in early 2014 when Henry S. Miller launched a plan to find a safe cash flow deal that could potentially increase value for investors. The building is in the Mid-Cities between Dallas and Fort Worth and is a 10-minute drive from DFW International Airport.
The property was built in 2001 and has Texas Health Family Care as a tenant. The purchase comes with an existing NNN lease with six years left on the contract and an expectation of annual rent increases.
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A franchisee associated with The Goddard School bought 4.7 acres on Avondale-Haslet Road in Fort Worth. Dallas City Center Realtors’ Michael McQuay represented the seller, while Tenant Real Estate Advisors' Josh Bryan and Ruben Reynoso represented the buyer.
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The Overlook at Las Colinas, located at 251 O’Connor Ridge Blvd., is being marketed for sale by Younger Partners’ Scot Farber, Tom Strohbehn and Sean Dalton.
The building previously housed a publicly traded company that vacated recently, Younger Partners said in a press release.
The building, which sits across from the Las Colinas Urban Center, now has 80K SF of premium block space available for the first time in nearly 30 years.
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NEXMetro Communities bought around 20 acres on Texas State Highway 114 near Texas Motor Speedway. Davidson Bogel Real Estate's Edward Bogel represented the seller, while Tenant Real Estate Advisors' Josh Bryan represented the buyer.
NEXMetro Communities also acquired around 14 acres on the Southeast corner of Farm-to-Market Road 156 and Harmon in Fort Worth. Davidson and Bogel Real Estate’s Austin Freet represented the seller, while Tenant Real Estate Advisors’ Josh Bryan represented the buyer.
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Blue Ridge Industrial LLC acquired a 42K SF warehouse in the Great Southwest industrial submarket of DFW, located at 805 West Carrier Parkway in Grand Prairie. The property is already 100% leased to six tenants. The space offers last-mile distribution space, as well as warehouse, assembly and light manufacturing tenant offerings. BRI launched a capital investment program at the property to increase curb appeal and help retain tenants.
LEASES
Dallas-based coworking and shared-office space provider CityCentral leased 22K SF of office space at 600 West Sixth St. in Downtown Fort Worth in the Cantey Hanger Plaza.
This new location in the heart of Downtown Fort Worth will open in the fall, offering 70 private offices, coworking spaces, meeting rooms and event spaces. This is CityCentral’s fourth location in DFW.
TIG Real Estate Services’ Matthew Hickey and Kristin Grammar represented CityCentral, while Red Oak Realty represented the landlord.
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The Dallas Morning News Inc. leased 24K SF at 12019 Corporate Drive in Dallas.
Holt Lunsford Commercial’s Josh Barnes and Ben Wallace represented the landlord, Rialto Capital Management, while TAG Realty’s Todd Awe handled negotiations for the tenant.
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Healthcare technology solutions firm Pelitas moved its office from Parkway Centre II in Plano to 16K SF in Parkway Centre III, which is located at 2745 Dallas Parkway. The move comes after the company's recent rebranding from DCS Global Systems to Pelitas. NAI Robert Lynn’s Kent Smith and Dan Jardine arranged the lease.
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JLL was selected as exclusive leasing partner for two office properties: The Summit at Las Colinas and AmberTrail Corporate Park I and II. The properties are owned by Los Angeles-based Gemini Rosemont Commercial Real Estate and have a total of 524K SF.
The Summit at Las Colinas is at 545 East John Carpenter Freeway, while AmberTrail Corporate Park I and II are on the 17,000 block of Preston Road near Bent Tree Country Club and Golf Course.
JLL’s James Esquivel and Ahnie Sheehy will be leading the marketing and sales efforts for each property.
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A former Chase Bank building on West 15th St. in Plano has been leased in full and will now include a dental office and a medical training facility. Bright Realty’s Nick Miller and Britton Lankford represented the landlord, while GreenRoad Development’s Chris Hung represented the tenant.
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Corbet Design Build inked a sublease with landlord Pink Dot Productions Inc. at 2411 Farrington St. in Dallas for 10K SF. Mercer Co.’s David Guinn helped negotiate the deal.
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Signs Up and Orion Technology Inc. renewed more than 15K SF of flex space inside Trinity West Business Park A in Grand Prairie.
The parties renewed 10K SF and 5K SF, respectively, at 2550 114th St.
Bradford Commercial Real Estate’s Michael Spain and Jim Ferris represented the landlord, OMO Investment Co.
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Wells Fargo renewed an 88K SF lease in the Plaza @ Solana, located at 1301 Solana Blvd. in Westlake. Transwestern’s Ken Page and Alan Harrington represented the tenant, while Cushman & Wakefield’s Trey Smith, John Fancher and Christy Thelen represented the landlord, Harbert Management Corp.
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Reel FX inked a 25K SF lease at 717 North Harwood St. in Dallas. Cushman & Wakefield’s Billy Gannon represented the tenant, while CBRE’s Josh White and Chelby Sanders represented the landlord, WC 717 North Harwood Property.
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Safe Harbor Marinas signed a 25K SF lease in Signature Exchange at 14785 Preston Road in Dallas. CBRE’s Ben Davis and Robert Blount represented the tenant, while Cushman & Wakefield’s Chris Taylor, John Fancher and Doug Jones represented the landlord, Signature Exchange Tower.
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Briggs Freeman inked a 23K SF lease at 3131 Turtle Creek Blvd. in Dallas. The tenant was self-represented, while Cushman & Wakefield’s Lauren Napper and Trey Smith represented the landlord, STRS Ohio TX Real Estate Investments Inc.
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Perkins Eastman Architects renewed a 10K SF lease at 3131 Turtle Creek Blvd. in Dallas. CBRE’s Phil Puckett, Neal Puckett and Harlan Davis represented the tenant, while Cushman & Wakefield’s Lauren Napper and Trey Smith represented the landlord, STRS Ohio TX Real Estate Investments Inc.
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FCX renewed a 42K SF lease at 9010 John West Carpenter Freeway in Dallas. Cushman & Wakefield’s Dean Collins, Mark Collins and Shannon Johnston represented the tenant, while Mercer Co.’s Jeremy Mercer represented the landlord, DJR Realty LLC.
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Smart Metals inked a 19K SF lease at 2838 Anode Lane in Dallas. Cushman & Wakefield’s Chris Hillman represented the tenant, while Lincoln Property’s Gil Stroube represented the landlord, Dart Development Co.
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Hazel’s Hotshot renewed a 13K SF lease at 2009 McKenzie Drive in Carrollton. Cushman & Wakefield’s Jean Russo represented the tenant, while First Industrial Realty Trust Inc. was self-represented.
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Beyond Imagination Entertainment finalized terms on a lease for 41K SF at the Technology Industrial Center in Dallas.
Venture’s R. McGregor Converse worked with the landlord, Rosebriar Properties. The property is at 10155 Technology Blvd. on the southeast corner of Northwest Highway and Loop 12.
CONSTRUCTION
Construction firm Moss received a $28.5M contract to build The Drake at White Rock, a 257K SF residential project in the Lakewood neighborhood of Dallas.
The Drake is a Northfield Development project, which involves construction of a seven-story residential building with 85 modern residences sized between 1K and 2,500 SF.
The Drake is designed by GDA Architects.
Construction begins this month and is expected to end in late 2020.
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Development company HALL Group topped out the latest project associated with the Dallas Arts District — HALL Arts Hotel and Residences. A ceremonial evergreen tree was lifted onto the building to celebrate the occasion.
The 28-story residential building will open in early 2020, offering 50 luxury homes, ranging in size from 1,600 SF to penthouses as large as 10K SF.
The adjacent HALL Arts Hotel also is expected to open in the fall of this year, offering a boutique art-filled hotel with 183 guest rooms and 20 suites.
